Industrialization has its roots in the late 19th century in Britain countries. The industrial revolution prompted extraordinary development in wealth and financial wellbeing for some counties. It also led to expanded work specialization and enabled urban communities to help and assist larger populations. This has also resulted into significant health problems among the employees of the companies such as stress, hypertension, depression and others. Industrialization in emerging countries thus is one of the key drivers for corporate wellness market.
Dissimilar to the prior period of industrialization and as of late as the 90s, a considerable measure of work has moved towards becoming non-physical in nature. With machines and computers substituting the great part of human work, the processes have now turned out to be progressively mechanical and electrical in nature. This has changed the very nature of tasks being done by the employees. This has led to sedentary and long hours of sitting jobs. The most common risks involved in the aforesaid working lifestyle include unhealthy diet and unnecessary usage of substances for example tobacco and alcohol. This changing lifestyle owing to the industrialization have been costing significantly to the companies. Thus companies in the developing regions are opting for corporate wellness programs to reduce the increasing healthcare cost.
Implementation of the corporate wellness program is witnessed comparatively low in Asia-Pacific region owing to lack of awareness, lack of funds and low participation rate from employees. However, APAC region with emerging markets like India, China, and Japan provides huge investment opportunities owing to rising demand. Asia-Pacific corporate wellness market is forecast to reach revenue of $13.66 billion by 2022 at a CAGR of 7.1% during the forecast period 2017-2022. APAC region accounted for around 19.75% of the global corporate wellness market share in 2016.
IndustryARC is a global market research and business consulting firm based out of India. We have research centers across Asia and Europe with consultants experienced in the following verticals – Agriculture, Automotive, Chemicals and Materials, Energy and Power, Food and Beverages, ICT, Electronics, Life sciences and Healthcare, Automation and Instrumentation.
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